On the ground at Fortune Global Forum in Riyadh, we heard from some of the world’s most accomplished leaders—including a Nobel Peace Prize winner who is literally in hiding (more on that below).

But one conversation stayed with me: Our closing session, featuring Dr. Ngozi Okonjo-Iweala, director general of the World Trade Organization. It was a clear example of the invisible barriers still holding women back. She took over in 2021—and was the first female leader in the organization’s 30-year history. When asked by Fortune’s Ellie Austin why it took so long, the Nigerian economist pointed out the daunting interview process.

“There were eight candidates for my job and we were being interviewed practically in front of the whole world, because there were 166 ministers tuning in,” she explained. Not many would be able to stomach it. “If you failed, the whole world would know about it…so maybe many people don’t want to go through that process.”

Other women may have had what it takes to do the role well, Okonjo-Iweala suspects. But research shows that women have a tendency to play it safe, not to apply unless they meet every possible qualification—and it has a ripple effect on their career progression.

Okonjo-Iweala had the guts to go for it. And sometimes, that’s what counts.

“With the number of talented women experts in trade I meet around the world, I just wondered why they haven’t been given the chance and the opportunity,” she said. “Sometimes you have to take the risk.”

Staying in your lane is comfortable. Even Okonjo-Iweala admits she could have stayed in her “very nice job” at the World Bank, where she had a 25-year career. But in her eyes, that would have been “a mistake.” Instead, she directly—even “impertinently”—told her interviewers at the WTO that she was the best person for the job because she brought “different thinking and a different approach,” including as the first woman and first African in the position, at a time when the institution needed reform. “I guess I’m a risk-taker and a masochist,” Okonjo-Iweala said.

Okonjo-Iweala was the last (but not least) impressive exec to take the stage at the 2-day event: We heard from over 100 speakers on the biggest issues impacting leaders today, from the economy and tariffs to AI and sustainability.

– The Venezuelan opposition leader, Maria Corina Machado, talked to Fortune while in hiding for fear of her life. The recent Nobel Peace Prize winner dialed in on a video call to speak out about how Venezuela’s President, Nicolás Maduro and “the regime” can be dismantled—and how helpful President Donald Trump really has been in helping achieve freedom in the country.

– AI is “so much more than just a chatbot,” said Google’s president and chief investment officer, Ruth Porat. She added that we’re lucky to be living through this tech era, with breakthroughs in science and health on the horizon: “We should be able to cure cancer in our lifetime.”

Orianna Rosa Royle
orianna.royle@fortune.com

The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Today’s edition was curated by Emma Hinchliffe. Subscribe here.

ALSO IN THE HEADLINES

There's still a hidden cost to raising venture capital. When Leslie Feinzaig sent out a survey to female founders, many—unprompted—shared stories of sexual harassment. Business Insider

OnlyFans is teaching creators how to make more money. The platform known for adult content has paid out $25 billion to creators over almost a decade—but much of that goes to a top tier of earners. The platform itself is now offering coaching content to help creators learn to monetize better. Wired

The top female podcaster in the U.S. is leaving SiriusXM for Tubi. Ashley Flowers' true crime network Audiochuck is headed to the Fox-owned streamer Tubi. Alongside Call Her Daddy's Alex Cooper, Flowers was one of the biggest podcast stars on the SiriusXM network, with her own radio channel too. My (Emma's!) Fortune feature from early 2025 dived into Flowers' business ambitions and SiriusXM's strategy under CEO Jennifer Witz—which includes turning to podcasting as a way to gain more cultural cachet and build a business beyond satellite radio. The Hollywood Reporter

Taylor Swift isn't the only one changing the music business. Billie Eilish is honored as a WSJ Innovator for her impact on the industry. Her most recent album has 2.2 billion streams, and her tour has grossed $55 million over nine months—even though her music is more "downbeat" and some execs didn't believe that style would have broad appeal. WSJ

ON MY RADAR

In Broadway's Liberation, Bess Wohl shines a light on 1970s feminists Bloomberg

Reddit founder Alexis Ohanian kept receipts from trolls who mocked his bet on women’s sports: ‘I tag them and thank them for the motivation’ Fortune

Karine Jean-Pierre and a book tour most authors would not dream of New York Times

PARTING WORDS

"One minute you’re the hot ingenue and you’re up here, and then the next minute you’re wondering why you’re not in the conversation for certain things that you know you can do. It’s never been something that has defined my value."

— Kate Hudson on the ups and downs of a career in Hollywood